Basking in the Glow the Deloitte South Island Index

Basking in the glow The Deloitte South Island Index

A review of the performance of South Island listed companies during the quarter to 31 March 2014

25th Edition Introduction

The Deloitte South Island Index started off the 2014 year on a positive note gaining $699.8 million (6.4%) Welcome to the 25th Edition of to the quarter ended 31 March 2014, setting an encouraging tone for the year ahead. This result extends the Deloitte South Island Index. the Index’s streak of successive positive quarterly results In this edition we reflect on the to seven, pushing the value of the Index to a new high. Movements in March 2014 performance of South Island The month of March resulted in a moderate increase of 4.8% in the Deloitte South Island Index, outperforming listed companies during the the other indices tracked. The next best performance came from the NZX 50, posting a sound 3.0% gain. most recent quarter to 31 Over the same period the Dow Jones gained a marginal March 2014. 0.8%, and the ASX All Ords decreased by a minor 0.2%. Quarterly movements – Q1 2014 The Deloitte South Island Index had another solid quarter – gaining $699.8 million (6.4%) in market capitalisation since 31 December 2013. This result was mainly attributable to an excellent quarter for the Property sector which gained 11.2% ($450.0 million), well supported by the Manufacturing & Distribution and Other sectors increasing their market capitalisations by $79.0 million and $78.5 million respectively.

Annual movements – Mar 2013 – Mar 2014 The Deloitte South Island Index increased by $3.89 billion (50.5%) during the year to 31 March 2014 – outperforming increases in the NZX 50 of 16.2%, the Dow Jones of 12.9% and the ASX All Ords of 8.5%.

Cover photo by Darren Allchurch

2 The Deloitte South Island Index started off the 2014 year on a positive note gaining $699.8 million (6.4%) to the quarter ended 31 March 2014, setting an encouraging tone for the year ahead.

Deloitte South Island Index – 25th Edition 3 Executive Summary

Quarter to 31 March 2014 (up $25.5 million), and SLI Systems (up $23.5 million). The first quarter to the 2014 year kicks off on a positive Heartland New Zealand announced during the note with the Deloitte South Island Index continuing quarter that it had entered into a Sale and Purchase the run of successive positive quarters to seven in a row. Agreement with Seniors Money International Limited Growth from this quarter comes across the board with for the acquisition of its New Zealand and Australian seven of the eight sectors posting positive quarters. The Home Equity Release mortgage businesses, and number of companies in the Deloitte South Island Index completed a successful capital raising programme to remains at 33. partially fund the acquisition.

Key points for the first quarter of 2014 include: • Kathmandu Holdings’ solid results ensured that the Retail sector had another positive quarter, growing • The Deloitte South Island Index increased by $699.8 by 8.9%, despite the other two companies in the million (6.4%) during the quarter to 31 March 2014 sector declining over the quarter to 31 March 2014. – continuing to extend its market capitalisation to The Manufacturing & Distribution sector performed new record heights since the inception of the Index. well over the quarter increasing $79.0 million (4.3%) In comparison, over the same period, the NZX 50 on the back of EBOS Group’s share price increasing recorded its highest quarterly growth rate in a year by $81.2m (5.7%). Energy Mad also contributed well (8.5%), while the two overseas indices tracked to the sector’s results having an exceptional quarter performed poorly with the ASX All Ords growing gaining 46.6% – the greatest percentage gain of all a diminutive 0.9% and the Dow Jones decreasing the companies on the Index. 0.7%. The top performances for the quarter include Ryman Healthcare (up $450 million), Meridian Energy Over the 12 months to 31 March 2014, the Deloitte (up $150 million) and EBOS Group (up $81 million). South Island Index has increased by $3.89 billion (50.5%). The majority of this increase in market • The five largest companies on the Index, all with capitalisation is attributable to the increase of Ryman market capitalisation greater than $500 million, Healthcare and EBOS Group, growing $1,855 million collectively grew 9.0%, with four of the five achieving and $1,022 million respectively in the year. On a growth during the quarter to 31 March 2014. While percentage basis the greatest climbers for the past the ten smallest companies on the Index collectively 12 months were EBOS Group (208.3%), Pacific Edge declined in market capitalisation by 12.4%, with only (126.9%) and Ryman Healthcare (73.6%). Overall, 20 of three of the companies posting positive results. the 33 companies on the Index (61%) grew over the 12 • All except one of the eight sectors posted growth months to 31 March 2014. in the quarter to 31 March 2014 – the odd one out being the Primary sector, which experienced a decline in market capitalisation of 2.8%. The Property sector was the leading performer with a gain of 11.2%, The Deloitte South Island Index once again on the back of investors continuing to clamour for shares in Ryman Healthcare. The increased by $699.8 million company announced late in the quarter its intention to build eight new retirement villages in New Zealand (6.4%) during the quarter to 31 with five of them being located in the Auckland region. March 2014 – continuing to • The Other sector also posted strong results for extend its market capitalisation the quarter, gaining 9.8%, with four of the five companies increasing their market capitalisation. The to new record heights since the sector’s increase was mainly attributable to Heartland New Zealand (up $31.9 million), Skyline Enterprises inception of the Index.

4 The Quarter to 31 March 2014

Growth in Market Capitalisation during the quarter, announcing an increase in NPAT Ryman Healthcare continued its incredible run of share of 56% from the previous corresponding half year. price growth, as it recorded its eleventh successive Heartland New Zealand also announced it had entered quarterly increase in market capitalisation, growing into a Sale and Purchase Agreement with Seniors Money by $450.0 million (11.5%) during the first quarter of International Limited for the acquisition of its New 2014. Ryman Healthcare’s share price rose by $0.90 Zealand and Australian Home Equity Release mortgage over the quarter to $8.75 per share, coincidentally by businesses, and completed a successful capital raising the same amount as the previous quarter. During the programme to partially fund the acquisition. quarter the company signalled its intention to up the ante in its build rate of New Zealand retirement homes, announcing its plan to build eight new retirement villages in New Zealand, five of which will be located in the Auckland region. Managing Director Simon Challies said the target was to lift the current New Zealand Skellerup Holdings 3% build rate to 850 units and beds per annum by 2017 to SLI Systems 21% meet increasing demand. The increase means Ryman Healthcare will be building at almost double the rate it Skyline Enterprises 8% was five years ago. Heartland New Zealand 10% Meridian Energy increased its market capitalisation over the first quarter of 2014 by $150.2 million - a Kathmandu Holdings 10% growth rate of 11.5%. During the quarter, Meridian Energy released its interim results for the half year to EBOS Group 6% 31 December 2013 with a NPBT result 49.3% above the Prospectus forecast assumptions, including $41.2 Meridian Energy 12% million of non-cash fair value gains. As a result of the Ryman Healthcare 11% company’s performance a dividend of 4.19 cents per share was announced to be paid on 15 April 2014. $0 $100 $200 $300 $400 $500 EBOS Group reversed its previous quarter’s decline with an $81.2 million gain in market capitalisation to $10.25 $ million per share – a 5.7% gain. EBOS Group was another company that released its half year results during the quarter with EBOS Managing Director Mark Waller (11%) BLIS Technologies saying, “We delivered a result in line with what we said we would. We did this in spite of a much higher than Ryman Healthcare continued(17%) Blue Sky itsMeats expected NZ dollar. The strength of our result can be put Moa Group down to excellent performances across all our business incredible run of share(14%) price units, which together generated turnover in excess of $3 (10%) Silver Fern Farms billion. We are delighted with the first half results”. growth, as it recorded its eleventh (32%) NZ Windfarms Both Kathmandu Holdings and Heartland New Zealand successive quarterly increase in had strong quarters increasing $68.1 million (9.7%) (21%) Scott Technology and $31.9 million (9.6%) in market capitalisation market capitalisation,(6%) growingSynlait Milk by respectively. Kathmandu Holdings announced strong results with Sales, Gross Profit, EBIT and NPBT all $450.0(59%) million (11.5%) duringBathurst Resources the increasing compared to the same period the previous $(120) $(100) $(80) $(60) $(40) $(20) $0 year in an environment where others in the Retail sector first quarter of 2014. are struggling. Meanwhile, Heartland New Zealand $ million also released to the market an excellent half year result

Movement in Sector Indices - Quarter to March 2014 12% Deloitte South Island Index – 25th Edition 5

10%

% Movement in Index 0%

-2%

-4% Bio- Energy Manufacturing Port Primary Property Retail Other technology & Mining & Distribution Sector Skellerup Holdings 3%

SLI Systems 21%

Skyline Enterprises 8%

Heartland New Zealand 10%

Kathmandu Holdings 10% Declines in Market Capitalisation of over USD300 per tonne to a current spot of about EBOS Group Bathurst6% Resources had a quarter to forget losing more USD120 per tonne, its weakest position in about nine than half of its value, as it dropped $101.0 million years” - leading Bathurst Resources to reassess its Meridian Energy (58.6%) in market12% capitalisation during the quarter to operations and make about 29 positions redundant. 31 March 2014. The decrease in share price of $0.123 Synlait Milk suffered its first quarterly decline after its Ryman Healthcare to $0.087 per share follows the company implementing11% first two quarters on the Deloitte South Island Index drastic actions to cut costs and preserve value in its were positive. The company dropped $35.1 million $0 Buller$100 Project$200 as it still awaits$300 approval $400for its Escarpment$500 (6.1%) in market capitalisation during the quarter, Mine. The company announced that “the international $ million with its share price decreasing $0.24 to $3.70 per price for coking coal has dropped from its 2012 high share. Synlait Milk also released its half year figures which revealed mixed results for the company. Synlait Milk Chairman Graeme Milne said the company’s (11%) BLIS Technologies performance over the half year, “… has resulted in the (17%) Blue Sky Meats forecast FY2014 net profit after tax to be revised from a range of $30.0 to $35.0 million to a range of $25.0 to (14%) Moa Group $30.0 million, but still ahead of the prospectus forecast (10%) Silver Fern Farms of $19.8 million”.

(32%) NZ Windfarms Another exporter to experience a decline in its market capitalisation was Scott Technology, where the share (21%) Scott Technology price dropped by $0.40 to $1.50 per share (a decline of (6%) Synlait Milk 21.1%) or the equivalent of losing $16.6 million during the quarter. The share price consistently decreased over (59%) Bathurst Resources the quarter with what seems to be investors’ concerns about the effect of the high New Zealand dollar on $(120) $(100) $(80) $(60) $(40) $(20) $0 the company. Scott Technology released its half year $ million result in late March, citing that its reported sales for the first half of the 2014 year were $25.2 million, slightly lower than the $26.8 million recorded in the first half of Movement in Sector Indices - Quarter to March 2014 2013; however, adjusting revenues for the effect of the 12% exchange rate reveals that sales would have been higher than that recorded in the prior year had it not been for the appreciating New Zealand dollar. 10%

% Movement in Index 0%

-2%

-4% Bio- Energy Manufacturing Port Primary Property Retail Other technology & Mining & Distribution Sector 6 Bathurst Resources had a quarter to forget losing more than half of its value, as it dropped $101.0 million (58.6%) in market capitalisation during the quarter to 31 March 2014.

Deloitte South Island Index – 25th Edition 7 Sector Movements

Skellerup Holdings 3%

SLI Systems 21%

Skyline Enterprises 8%

Heartland New Zealand 10%

Kathmandu Holdings 10%

Quarter to 31EBOS March Group 2014 6% The Retail Sector also had a solid result gaining 8.9% Seven of the eight industry sectors posted positive in the quarter, once again led by Kathmandu Holdings movementsMeridian in the quarterEnergy to 31 March 2014 12% which grew its market capitalisation by $68.1 million - the exception being the Primary sector. (9.7%). The other two companies in the sector suffered Ryman Healthcare declines, with Postie Plus11% Group dropping 19.6%. During The Property sector continued its upwards trend the quarter, Postie Plus Group sold its Schooltex school with its tenth consecutive quarter of growth on the $0 $100 $200 uniform$300 business$400 to The Warehouse$500 Group as part of back of Ryman Healthcare increasing 11.2% over the its ‘recovery plan’, which it says “is starting to bear quarter. However, the other company in the sector, NPT $ millionfruit”. Smiths City Group declined for its third successive experienced minimal activity in its share price and ended quarter, decreasing by 5.1% during the quarter. the quarter at the same price as its opening position. The Manufacturing & Distribution sector turned around The Other sector also had a strong quarter, growing its previous quarter’s result, increasing by 4.3%, even 9.8%, with four of the five companies in the sector (11%) BLIS Technologies after Scott Technology’s 21.0% decrease in market achieving positive results over the first quarter of the capitalisation.(17%) Blue The Sky fastest Meats growing company in the year. The sector’s increase was mainly attributable to sector was Energy Mad, gaining 46.6% during the Heartland New Zealand (up $31.9 million), Skyline (14%) Moa Group quarter to 31 March 2014 compared to a 17.6% Enterprises (up $25.5 million), and SLI Systems (up (10%)decline in theSilver previous Fern Farms quarter. Energy Mad’s share $23.5 million). Skyline Enterprises announced in March price spiked in late January, coinciding with the an intention to develop a $6 million retail and office (32%) NZ Windfarms company announcing that it had commenced selling hub in Queenstown's central business district. The (21%) its energy savingScott Technologybulbs through Amazon in the majority of SLI Systems’ increase of 21.0% over the United States. EBOS Group also achieved a sound quarter coincided with the company announcing in (6%) result growingSynlait 5.7% Milk in its share price, by $0.55 to January 2014 that the number of search queries it $10.25 per share. The other company in the sector, handled for(59%) its global customers in December 2013 Bathurst Resources Skellerup Holdings, also registered a positive result, exceeded one billion. The company also released $(120) $(100) $(80) $(60) $(40) $(20)gaining$0 2.9% over the quarter. Skellerup Holdings its half year results stating that its Annualised announced an unaudited half year NPAT of $10.8 Recurring Revenue at 31 December 2013 rose 26% $ million million, up 14% on the prior corresponding period over the prior year and in line with forecasts. due to growth in profitability across the business.

Movement in Sector Indices - Quarter to March 2014 12%

10%

% Movement in Index 0%

-2%

-4% Bio- Energy Manufacturing Port Primary Property Retail Other technology & Mining & Distribution Sector

8 The Port sector had its second consecutive positive gaining $6.8 million (1.6%) during the quarter to 31 quarter, gaining 3.5% in the first quarter of 2014. March 2014. The company announced during the Both companies grew with South Port New Zealand quarter a commercial agreement to engage DHBs in increasing its market capitalisation by $9.4m (11.4%), the adoption of Pacific Edge’s non-invasive bladder jumping significantly in January, conceivably on investor cancer detection system Cxbladder, making it accessible speculation on the potential oil and gas exploration for nearly one out of every two New Zealanders. The in the Great South Basin. Meanwhile, Lyttelton Port other two companies in the sector both declined, with posted a slight gain, growing 1.3% over the quarter. Pharmazen decreasing 14.3% and BLIS Technologies In February, the company announced its half year dropping 11.1%. In a market update BLIS Technologies result, noting that “operating revenues totalled $57.6 announced that due to delays resulting from regulatory million, a rise of 6.4% on last year’s $54.2 million, due certification and approval processes the company to strong container and bulk cargo volume growth”. anticipated the annual operating losses of $1.6 million would be about 15% lower than the 2013 result. The Energy & Mining sector posted a gain in the first quarter of the year, growing 2.6% predominately The only sector that suffered a decline during the attributed to Meridian Energy’s strong result in the quarter was the Primary sector, decreasing 2.8%. quarter (up 11.5%). The only other company to achieve Four of the eight companies in the sector experienced a positive result was Aorere Resources, with a gain of a decline in market capitalisation, led by Synlait Milk 5.9% in market capitalisation over the quarter following with a drop of $35.1 million (6.1%). On a percentage a successful issuance of additional shares to a qualified basis, Wool Equities underwent the greatest decline investor. The remaining four companies in the sector all of all the companies on the Index, decreasing 74.1% experienced declines, the largest decrease coming from over the quarter to 31 March 2014. The company Bathurst Resources, losing $101.0 million of its market continued to discuss the potential of a merger with capitalisation, a drop of 56.8%. Windflow Technology Primary Wool Co-operative Limited and in March and NZ Windfarms decreased by 33.3% and 31.9% the trading in the shares were suspended after the respectively. Both companies released their half year company announced that it will start a formal delisting reports during the quarter. Chatham Rock Phosphate from the NZX. Of the three companies that achieved also declined, decreasing by 2.5% over the quarter. growth in the Primary sector, SeaDragon increased the most, growing by 10.2% after the company The Biotechnology sector saw a much quieter completed a successful capital raising programme which start to the 2014 year compared to the previous will be used to retire debt, provide working capital quarter, maintaining a slim 0.7% increase in market support, and to fund the new refined fish oil plant. capitalisation. Pacific Edge continued its growth by

The table below sets out market capitalisation by sector as at 31 March 2014 and provides a comparison against the position as at 31 December 2013.

31 Mar 31 Dec Mvmt in % change Number of 2014 2013 Quarter $ in Mkt Cap Industry Companies $ million $ million million during quarter % of Index Biotechnology 3 $457.3 $454.3 $3.0 0.7% 3.9%

Energy & Mining 6 $1,592.6 $1,551.8 $40.8 2.6% 13.7%

Manufacturing & Distribution 4 $1,933.6 $1,854.6 $79.0 4.3% 16.6%

Other 5 $878.7 $800.2 $78.5 9.8% 7.6%

Port 2 $403.7 $390.2 $13.5 3.5% 3.5%

Primary 8 $1,072.0 $1,102.6 $(30.6) (2.8)% 9.2%

Property 2 $4,472.2 $4,022.2 $450.0 11.2% 38.5%

Retail 3 $805.5 $739.9 $65.6 8.9% 6.9%

TOTAL 33 $11,615.6 $10,915.8 $699.8 6.4% 100.0%

Deloitte South Island Index – 25th Edition 9 Benchmarking

Quarterly Comparison of the Deloitte South Performance of Deloitte South Island Index vs NZX 50 Island Index and the NZX 50 2.10 Continuing the roll of positive quarters, the Deloitte South Island Index increased its run to seven successive 2.00 quarters in a row – gaining 6.4% ($699.8 million) in 1.90 market capitalisation in the quarter to 31 March 2014. 1.80

In comparison, the NZX 50, gaining 8.5%, 1.70 had its strongest quarter since the equivalent 1.60 period last year, which was also the last time that the NZX 50 outperformed the Deloitte 1.50 South Island Index over a quarter. 1.40

1.30

otal Market Capitalisation (relative to one) 1.20

T 1.10

1.00 31/03/2013 30/06/2013 30/09/2013 31/12/2013 31/03/2014

NZX 50 Gross Index Deloitte SI Index

Base period - December 2006

Comparison of Deloitte South Island Performance of Deloitte South Island Index against major indicies Index and Other Indices 2.10 The New Zealand based indices substantially 2.00 outperformed the other indices tracked over the first quarter of 2014. The NZX 50 was the strongest 1.90 performer gaining 8.5% closely followed by the Deloitte 1.80 South Island Index growing 6.4%. Both overseas based 1.70 indices tracked had poor results over the quarter to 31 1.60 March 2014, with the ASX All Ords only increasing by 1.50 a slight 0.9%, and the Dow Jones declining by 0.7%. 1.40 1.30 1.20

otal Market Capitalisation (relative to one) 1.10 T 1.00 0.90 0.80 31/03/2013 30/06/2013 30/09/2013 31/12/2013 31/03/2014

NZX 50 Deloitte Dow Jones ASX All Ords Gross Index SI Index

Base period - December 2006

10 Deloitte South Island Index March 2014

Of the 33 companies currently listed on the Deloitte South Island Index, 17 (52%) experienced a rise in market capitalisation during the quarter to 31 March 2014, 14 declined and 2 remained unchanged.

The full Deloitte South Island Index for the 31 March 2014 quarter, ranked by market capitalisation, is set out in the table below:

Mar Dec Mcap Mcap Change in Change in Share Price 2014 2013 Mar 2014 Dec 2013 Mcap ($m) Mcap (%) 31 Mar Rank Rank Ticker Company Sector ($m) ($m) in Quarter in Quarter 2014 1 1 RYM Ryman Healthcare Property $4,375.0 $3,925.0 $450.0 11.5% $8.75 Manufacturing & 2 2 EBO EBOS Group $1,513.0 $1,431.8 $81.2 5.7% $10.25 Distribution 3 3 MELCA Meridian Energy Energy & Mining $1,456.3 $1,306.1 $150.2 11.5% $1.16

4 4 KMD Kathmandu Holdings Retail $771.8 $703.7 $68.1 9.7% $3.85

5 5 SML Synlait Milk Primary $541.5 $576.6 $(35.1) (6.1)% $3.70

6 6 PEB Pacific Edge Biotechnology $430.1 $423.3 $6.8 1.6% $1.35

7 7 HNZ Heartland New Zealand Other $365.6 $333.7 $31.9 9.6% $0.88

8 9 SKYLINE Skyline Enterprises Other $357.5 $332.0 $25.5 7.7% $10.50 Manufacturing & 9 8 SKL Skellerup Holdings $343.2 $333.6 $9.6 2.9% $1.78 Distribution 10 10 LPC Lyttelton Port Port $311.9 $307.8 $4.1 1.3% $3.05

11 11 PGW PGG Wrightson Primary $309.5 $301.9 $7.6 2.5% $0.41

12 13 SLI SLI Systems Other $135.2 $111.7 $23.5 21.0% $2.24

13 14 NPT NPT Property $97.2 $97.2 $0.0 0.0% $0.60

14 15 SPN South Port New Zealand Port $91.8 $82.4 $9.4 11.4% $3.50

15 17 FFW Foley Family Wines Primary $73.8 $71.6 $2.2 3.1% $1.70

16 12 BRL Bathurst Resources Energy & Mining $71.5 $172.5 $(101.0) (58.6)% $0.09

17 18 SNLF Synlait Farms Primary $65.3 $65.3 $0.0 0.0% $1.60 Manufacturing & 18 16 SCT Scott Technology $62.3 $78.9 $(16.6) (21.0)% $1.50 Distribution 19 19 CRP Chatham Rock Phosphate Energy & Mining $43.3 $44.4 $(1.1) (2.5)% $0.30

20 20 SFF Silver Fern Farms Primary $36.1 $40.2 $(4.1) (10.2)% $0.36

21 22 SEA SeaDragon Primary $33.6 $30.5 $3.1 10.2% $0.02

22 21 SCY Smiths City Group Retail $30.0 $31.6 $(1.6) (5.1)% $0.57

23 24 BLT BLIS Technologies Biotechnology $17.6 $19.8 $(2.2) (11.1)% $0.02

24 25 MOA Moa Group Other $16.6 $19.3 $(2.7) (14.0)% $0.55 Manufacturing & 25 28 MAD Energy Mad $15.1 $10.3 $4.8 46.6% $0.35 Distribution 26 23 NWF NZ Windfarms Energy & Mining $14.7 $21.6 $(6.9) (31.9)% $0.05

27 26 BLUESKY Blue Sky Meats Primary $11.5 $13.8 $(2.3) (16.7)% $1.00

28 27 PAZ Pharmazen Biotechnology $9.6 $11.2 $(1.6) (14.3)% $0.06

29 29 AOR Aorere Resources Energy & Mining $5.4 $5.1 $0.3 5.9% $0.01

30 31 CNX Connexionz Other $3.8 $3.5 $0.3 8.6% $0.07

31 30 PPG Postie Plus Group Retail $3.7 $4.6 $(0.9) (19.6)% $0.09

32 33 WTL Windflow Technology Energy & Mining $1.4 $2.1 $(0.7) (33.3)% $0.07

33 32 WEL Wool Equities Primary $0.7 $2.7 $(2.0) (74.1)% $0.02

33 33 TOTAL $11,615.6 $10,915.8 $699.8 6.4%

Deloitte South Island Index – 25th Edition 11 Compilation of the Deloitte South Island Index

The Deloitte South Island Index (‘the Index’) is compiled from information provided by the NZX, and Unlisted on the market capitalisation of each South-Island based listed company. Broadly, a company is included in the Index where its registered office is in the South Island and/or a substantial portion of its operations are focused in the South Island. The information on South Island listed companies is extracted and totalled to provide a cumulative market capitalisation for all South Island listed companies.

The base period of the Deloitte South Island Index is 31 December 2006 and for the purposes of the Index this data is given a notional value of one. All subsequent quarterly cumulative market capitalisation totals are divided by the totals for the December 2006 quarter to obtain a relative movement. Market capitalisation will move as a result of capital injections, payments of dividends and capital returns. If a new South Island based company lists on the NZX or Unlisted they will be reflected in the Index as though they were present in the base period. Accordingly, the Index will only reflect changes in market capitalisation subsequent to listing. If a company is suspended or delisted during a quarter, no data will be included for the company, including any historical data, until the company is re-listed or the suspension lifted.

The metrics for Meridian Energy Limited have been calculated on the basis of the issued instalment receipts, rather than the company’s issued ordinary shares.

For the purposes of the sector analysis some sector segments have been grouped to provide a more meaningful analysis.

Information

Deloitte Corporate Finance is the firm’s specialist corporate finance practice. For information regarding the Deloitte South Island Index or any of the Financial Advisory services that we offer please contact any of our Corporate Finance Team:

Scott McClay Paul Munro Brett Chambers Rob McDonald Partner Partner Partner Associate Director Direct: +64 (0) 3 363 3834 Direct: +64 (0) 3 363 3856 Direct: +64 (0) 3 363 3810 Direct: +64 (0) 3 363 3836 [email protected] [email protected] [email protected] [email protected]

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Steven Paul Jamie Clapperton Alex Shi Emma Morar Manager Senior Analyst Senior Analyst Senior Analyst Direct: +64 (0) 3 363 3818 Direct: +64 (0) 3 363 3740 Direct: +64 (0)3 363 3814 Direct: +64 (0)3 363 3853 [email protected] [email protected] [email protected] [email protected]

Leighton Wilson Analyst Direct: +64 (0)3 363 3822 [email protected]

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